Bitcoin Forum

Will you pay 100$ to open a channel on the Lightning Network?





Thanks for voting  :)

I'm not sure if I'm ever going to see an unbiased poll on this forum.  Every single one is from people who are too stuck up to actually gauge the public opinion.  It's actually really annoying.

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You won't have to pay $100 to open a channel.  It requires one onchain transaction.  Send a SegWit transaction (which will have lower fees than a current one, current transaction fees being about $1 if you use a median size transaction at the lowest fee that could get confirmed), and then you can send an unlimited number of times.

If you do the transactions with your coffee shop each day, receive funds from faucets or signature campaigns or other relatively small payments, your fees will reach less than 1% very quickly.

The difference is that LN makes the transactions happen instantly without the possibility of double spends.  It's like comparing a credit card with wire transfers - one happens quickly and easily but is less secure, and one takes longer but is more secure.  In everyday life you need both.

With a 1 mb block size, in the case that bitcoin become mainstream, traditional bitcoin transactions will not be mega colapsed ?

https://image.prntscr.com/image/tDp4S-bbSJiKBP56FKlBcQ.png

ayyy lmao.

Wouldn't be very feasible if that was the case.

Should be

https://image.prntscr.com/image/Anb0gSReTMy6WXpb4OMjhg.png

There's no magical time at which Bitcoin suddenly becomes "mainstream" and then people have to work with what's in front of them.

The reality is that BTC adoption will be a slow process which will happen based on both the security and the convenience on both chains.  It's most likely that there will be several different solutions implemented in an attempt to increase capacity without only increasing the block size. 

In the future when the blocks are full again, I don't know what will happen, but that's because the solutions are already going to be worked on.  If it desperately requires a block size increase, that'll probably happen.

Not a chance in hell. It's coming to the point where projects and  have to recover their money if they put into it somehow. For example somebody to set up a mining Farm and realizes it's not going to turn anywhere near the revenue that they thought, so they start renting out the mining equipment. Seems like the lightning Network did take off the way they thought it was going to so they're putting a pretty hefty price on buying into setting up your own Network

Same here.
No way I am going to pay $100 to open a channel.
I do not have the funds.
However, a lot of serious believers will do it, who also have lots of money.
I for one am welcoming the Lightning Network with open arms. :)

Would you explain how LN costs $100 to open a channel? Would be enlightening. I guess you got the $100 from this article,

https://medium.com/@AudunGulbrands1/lightning-faq-67bd2b957d70

Or this

https://cryptoinsider.com/quickly-will-bitcoins-lightning-network-able-lower-fees/

Better read the full content rather than picking words that suit your thought process/tip jar.

No one is stopping you from trolling, but troll with a bit of logic, at least your statement would have a bit of logic to argue upon.

Thanks for trolling  :)

If Bitcoin onchain transaction going to cost 100$ as Adam Back and Core developers aim for, then not only rich ones going to use Bitcoin, but most current Bitcoiners wont be able to spend at least part of their Bitcoins anymore. Basically a confiscation if you have to pay higher fee than the amount you sending. I already have some unspendable Bitcoins from daily pool mining payments (who could know it 2 years ago, I thought my mined Bitcoins are safe in future), and the fees are not even so high now!

I'm still surprised that there are people dealing with $1 (or lose to $1) transaction fees tbh. The last transaction I hate was $0.06 CDN, meaning it was $0.05 USD, or just over a thousand satoshi. I'm surprised that people were having troubles with fees too; the highest I ever paid, which was at the peak of high transaction volumes and small blocks, was just over $1.30 CDN. I don't know why people were talking about $4 fees and the like when it was apparent smaller fees could go through fine, but that's just anecdotal evidence.